Home / Money / Personal Finance /  IDFC First Bank offers fixed deposit interest rates of up to 6.90%

IDFC First Bank offers fixed deposit interest rates of up to 6.90%

IDFC First Bank is now offering an interest rate of 4.50% on deposits maturing in 91 - 180 days and the bank is now promising an interest rate of 5.75% on deposits maturing in 181 days – 1 year. On fixed deposits maturing in 1 year 1 day – 499 days (iStock)Premium
IDFC First Bank is now offering an interest rate of 4.50% on deposits maturing in 91 - 180 days and the bank is now promising an interest rate of 5.75% on deposits maturing in 181 days – 1 year. On fixed deposits maturing in 1 year 1 day – 499 days (iStock)

  • On fixed deposits under 2 crore, the private sector lender IDFC First Bank is offering good interest rates of up to 6.90%.

On fixed deposits under 2 crore, the private sector lender IDFC First Bank last revised its interest rates on August 16, 2022. These card rates are available for domestic and NRO deposits under INR 2 Cr. The bank is now offering interest rates on fixed deposits with maturities ranging from 7 days to 10 years that range from 3.50% to 6.90% for the general public and 4% to 7.40% for senior citizens.

IDFC First Bank FD Rates

Fixed deposits that mature in 7 - 29 days will offer an interest rate of 3.50% and term deposits maturing in 30 - 90 days will fetch an interest rate of 4.00%. IDFC First Bank is now offering an interest rate of 4.50% on deposits maturing in 91 - 180 days and the bank is now promising an interest rate of 5.75% on deposits maturing in 181 days – 1 year. On fixed deposits maturing in 1 year 1 day – 499 days, the bank is now offering an interest rate of 6.25% and on deposits maturing in 500 days to 749 days, the bank is now offering an interest rate of 6.50%.

Fixed deposits that mature in 750 days will earn interest at a rate of 6.90%, while those that mature in 751 days or over the course of five years will earn interest at a rate of 6.50%. On deposits maturing in 5 years, 1 day, or 10 years, IDFC First Bank will give an interest rate of 6%, and on Tax Saver Deposits of 5 years, the bank will provide an interest rate of 6.50%.

The senior citizen benefit will have a 0.50% premium over and above the standard rate and won't apply to NRO Fixed Deposits. Rates on tenors up to 180 days are calculated on a "simple interest" basis, whereas interest on tenors higher than 180 days is paid/compounded quarterly.

A premature closure penalty will be applicable to Retail Term/Fixed Deposits and will be imposed at 1% for fixed deposits.

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